NOVAVAX, INC. (AMEX: NOX) today announced that it has received an extension on its subcontract with The University of Michigan (U-M) to continue supplying U-M with the company's proprietary microbicides for the development of antimicrobial products against certain biologic warfare agents. The program, funded by the Defense Advanced Research Projects Agency (DARPA) of the U.S. Department of Defense, is spearheaded by James R. Baker, Jr., M.D., Professor of Internal Medicine, University of Michigan Medical School and extends to December, 1999. Under the terms of the agreement, Novavax supplies U-M with novel chemical structures, which are designed to inactivate certain viruses, bacteria and bacterial spores, such as Anthrax, on contact by disrupting the organisms' biological membranes.

To date, U-M has performed several preclinical studies of BCTP, a nanoemulsion developed by D. Craig Wright, M.D., chief scientific officer of Novavax, which have demonstrated that BCTP is capable of inactivating anthrax spores in vitro. In vitro, BCTP inactivated more than 90% of Bacillus anthracis spores after four hours of incubation. Mice infected with B. cereus in a wound model that were treated with BCTP failed to develop ulcerated skin lesions when compared with the untreated mice. Additionally, NOVACLOR 401, an emulsion containing BCTP and Helicore(tm), the company's anti-Helicobacter pylori product has demonstrated in vitro and in vivo that it can kill bacteria, spores and viruses on contact. These results have been presented at several industry conferences, including The 99th Annual American Society of Microbiology Meeting in Chicago in June of 1999.

Dr. Baker, stated, "Novavax's microbicide technology has demonstrated a broad spectrum of antimicrobial activity. Further, when we mixed BCTP and Helicore to form NOVACLOR 401, we observed more than a 99% reduction in organisms of E. coli, H. influenza, S. pneumonae and other bacteria responsible for environmental and food contamination."

"Researchers at The University of Michigan have made great progress in their efforts to evaluate Novavax's microbicide technology against the deadly anthrax bacteria and other microbial pathogens like influenza," stated John A. Spears, president and chief executive of Novavax, Inc. "As a result, we are very pleased to extend this strategic collaboration and look forward to working with Dr. Baker and his team to harness the great potential of our microbicide technology. Moreover, we continually seek other collaborative opportunities such as this, that allow us to capitalize on the capabilities of our many broadly enabling technologies."

Novavax, Inc. is a biopharmaceutical drug delivery company engaged in the research and development of differentiated drug products for large and growing markets. The company is applying its proprietary lipid vesicle encapsulation technologies including Novasomes(R) and micellar nanoparticles to develop product candidates for the topical and oral delivery of generic and non-generic drugs, peptides, proteins and oligonucleotides. The company's Novasome technology is also being developed as an adjuvant delivery system for enhanced vaccine efficacy. Novavax has several product candidates in preclinical and human clinical trials, including ESTRASORB(tm), a topical cream for estrogen replacement therapy, which will commence a U.S. multi-center Phase III trial in 1999.

Statements made in the press release that state the Company's or management's intentions, hopes, beliefs, expectation or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements contained in Item 7 of the Company's SEC report on Form 10K for the year ended December 31, 1998 and form 10Q for quarter ended March 31, 1999. Copies of these filings may be obtained by contacting the Company at 8320 Guilford Road, Columbia, Maryland 21046, phone 301-854-3900 and fax 301-854-3901 (website URL http://www.novavax.com), or the SEC.

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